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September 19, 2018 

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OCCUPATIONAL SAFETY AND HEALTH ADMINISTRATION: An agency of the U. S. Department of Labor, established in 1970, that's charged with regulating workplace safety and job-related worker health. It has the authority to imposed health and safety rules and, much to the displeasure of businesses, inspect workplaces to ensure that the rules are followed. Some (second estate) critics argue of their rules are unneeded, overzealous, and counter-productive. Other (third estate) critics say that their rules are neither stringent enough nor adequately enforced.

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AUTOMATIC STABILIZER: A feature of the federal government's budget that tends to reduce the ups and downs of the business cycle without the need for any special legislative action, that is stabilization policies. The two key automatic stabilizers are income taxes and transfer payments. When our economy drops into a recession, unemployment rises, aggregate output declines, and people have less income. But with less income, they pay fewer income taxes, and thus there's less of a drain on consumption than their might have been. Likewise, many who are unemployed get transfer payments in the form of unemployment compensation, welfare, or Social Security. This lets them consume more than they would have otherwise. During an expansion, both of these go in the other direction. As a result, a recession sees more spending and fewer taxes, while an expansion has less spending and more taxes, all occurring quite automatically.

     See also | business cycle | stabilization policies | fiscal policy | transfer payment | unemployment compensation | welfare | income tax | business cycle | contraction | expansion | consumption | income | aggregate output |


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AXIOM

A basic precondition or assumption underlying a theory. Axioms are basic, unverifiable world view assumptions--including personal beliefs, political views, and cultural values--that form the foundation of a theory.

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Two and a half gallons of oil are needed to produce one automobile tire.
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